Morning Express

28 July 2015

Focus of the Day

Indices

Sohu (SOHU.US)
Neutral

2Q15 top-line and bottom-line beat

Yuan MA

BUY

SELL

yuan.ma@bocomgroup.com

Last Closing: US$67.54

LT
BUY

Stock

Target Price: US$61.40

Sohus 2Q15 top-line and bottom-line beat. Mobile ad revenue contributed over 50% of
media portal ad revenue. The growth of Sohus video business slowed down due to the
macro environment and policy regarding American TV dramas. Sogou revenue continued
strong growth momentum, up 62%/27% YoY/QoQ to US$147mn. Game revenue was
higher than expectation, while the newly launched games missed expectation. Given the
strength of Sogous business, we lift Sogous 2015E/2016E revenue by 5%/4%, partially
offset by our higher estimate of SBC of Sogou. We also cut game revenue for 2015E by
5% as we are conservative on the mobile game pipeline, offset by lower operating
expenses. We lower Sohus 2015E revenue estimate by 3%, and fine-tune 2015E
non-GAAP net loss per ADS from US$2.31 to US$2.25 as our lower estimate of spending
offsets the decrease in revenue estimate. We fine-tune TP from US$60.33 to US$61.40
and maintain Neutral.

CT Environmental Group (1363.HK/2919.HK)

Neutral

Expecting >50% YoY growth in 1H15 net profit;

maintain Buy
Wallace CHENG
Last Closing: HK$2.65

wallace.cheng@bocomgroup.com
Upside: +36%

1d %
-3.09
-3.84
-8.48
-8.21
-7.00
-6.58
-0.73
-0.58
-0.96
-1.13
-2.57
-2.56

Ytd %
3.16
-6.29
15.17
17.43
52.87
17.08
-2.15
0.42
6.41
-0.93
15.33
12.76

Close
53.47
1,094.18
14.58
5,188.00
123.26
1.56
1.11

3m %
-17.52
-9.73
-12.40
-14.46
-3.57
1.45
0.98

Ytd %
-6.73
-7.65
-7.15
-17.65
-2.82
-0.10
-8.34

bps change
0.39
HIBOR
US 10 yield
2.22
Source: Bloomberg

3m
0.01
0.21

6m
0.00
0.50

Indicators
Brent
Gold
Silver
Copper
JPY
GBP
EURO

HSI Technical

LT
BUY
BUY

SELL

Close
HSI
24,352
H Shares
11,231
SH A
3,903
SH B
341
SZ A
2,260
SZ B
1,204
DJIA
17,441
S&P 500
2,068
Nasdaq
5,040
FTSE
6,505
CAC
4,928
DAX
11,056
Source: Bloomberg

Stock

HSI
50 d MA
200 d MA
14 d RSI
Short Sell (HK$m)
Source: Bloomberg

24,352
26,481
25,069
35
12,684

Target Price: HK$3.60

CTEG posted a positive profit alert for 1H15 interim results, expecting not less than 50%
YoY growth in net profit, i.e. not less than HK$267m net profit during the period. The
positive profit alert is in line with our expectation as the estimated 1H15 net profit
already accounts for 41% of our full year net profit estimate of HK$641m in 2015.
The substantial rise in 1H15 was a result of: (1) full period (i.e. 6 months) contribution
from Yinglong Phase 1 (IWWT) and Qingyuan Lvyou (sludge) projects in 2015 vs ~1 month
contribution from these 2 projects in 1H14; (2) full period contribution from IWWT and
water supply projects in Shunde and Zhongshan (secured in 2H14); (3) contribution from
new copper etching projects and operation management contract from Guangzhou Lvyou
(secured in 1H15); and (4) improved utilization rates of the existing projects.

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BOCOM Int'l Corporate Access

14 Aug

Phoenix Healthcare (1515.HK)

We would greatly appreciate your support

in the 2015 Asiamoney Brokers Poll as we
strive to provide value-added research
ideas and corporate access activities. Kindly
vote for the BOCOM International research
team at
http://www.globalcapital.com/asiamoneybrokerspoll.

Morning Express

28 July 2015

We maintain our positive stance on CTEG, given its strong execution on new projects and
robust earnings CAGR of 31% during 2014-17. As a result of the recent 1:4 share split, we
adjust our target price from HK$14.4 to HK$3.60. Maintain Buy.

OOIL (316.HK)
Neutral

OOIL released 2Q15 operating data

LT
BUY

SELL

Geoffrey CHENG, CFA

geoffrey.cheng@bocomgroup.com

Last Closing: HK$37.75

Upside: +48.3%

Hang Seng Index (1 year)

29,000
28,000
27,000
26,000
25,000
24,000
23,000
22,000
21,000

Source: Company data, Bloomberg

BUY

HS China Enterprise Index (1 year)

Stock

Target Price: HK$56.00

What's new?
OOIL released 2Q15 operating data. Total shipping volume was down 2.1% YoY. Total
revenue dropped 9.3% YoY and average revenue declined 7.4% YoY.

Analysis:
The operating data reflected the tough operating environment of the container
shipping industry during the quarter. For OOIL, the more important development
was that OOIL increased its loadable capacity by 7.1% YoY during 2Q15, and the
wrong volume resulted in a 6.8% YoY decline in overall load factor for the period.
In 1H15, volume declined 2.3% YoY and revenue reported a 6.4% YoY drop. As the
loadable capacity increased only 2.8% in 1H15, load factor was down 3.8% YoY. In
short, the loadable capacity increase in 1H15 was largely due to the increase in 2Q15.

15,000
14,000
13,000
12,000
11,000
10,000
9,000
8,000

Source: Company data, Bloomberg

Shanghai A-shares (1 year)

5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000

Average revenue per TEU was down 4.2% YoY to US$987/TEU, with the most notable
decline from the Asia-Europe tradelane, by 12.6% YoY (18.5% YoY in 2Q15).

Source: Company data, Bloomberg

While OOIL used to be resilient against freight rate decline amongst its peers, the
magnitude of decline in average freight rate on the Asia-Europe tradelane was still
hefty for OOIL, in our view. We should, however, appreciate the fact that OOIL
tried to reduce the impact by cutting the shipping volume on the Asia-Europe
tradelane by 11.8% YoY in 2Q15 (3.4% YoY in 1H15). The average revenue
performance of the Transpacific tradelane (up 2.0% YoY) was, however, a pleasant
surprise to us.

Shenzhen A-shares (1 year)

3,500
3,000
2,500
2,000
1,500
1,000

Source: Company data, Bloomberg

Recommendation:
We have a LT BUY recommendation for OOIL at the moment.
Notwithstanding the lacklustre average freight rate performance in 1H15, we think
the substantial decline in bunker price during the period could buffer most of the
impact.

Download our reports from Bloomberg: BOCMenter

Morning Express

28 July 2015

Container Shipping Sector

Weekly container shipping commentary
Geoffrey CHENG, CFA geoffrey.cheng@bocomgroup.com

MP

UP

OP

Despite the lackluster demand on the Asia-Europe tradelane, capacity on the tradelane is
expected to increase, according to Seaintel, an international maritime analyst. The
Shanghai Container Freight Index spiraled down further, by 7.5% WoW, with various
tradelanes reporting their lowest freight rates of this year. The 2Q15 operating data of
OOIL underlined the tough operating environment of the industry. The stock market
tumbled on 27th July, dragging the valuations of HK-listed container shipping companies
lower. Meanwhile, we maintain our MARKET PERFORM recommendation for the
sector.

Great Wall Motor (2333.HK)

Neutral

1H15 results in line

Wei YAO
Last Closing: HK$27.15

LT
BUY
BUY

SELL

wei.yao@bocomgroup.com
Upside: +16.0%

Stock

Target Price: HK$31.50

(1) Great Wall Motor achieved sales revenue of RMB37.145bn in 1H15, up 30.2% YoY.
Net profit reached RMB4.901bn, up 24% YoY, with EPS of RMB1.61. The company
achieved net profit of RMB2.37bn in 2Q15, down 6.7% QoQ and up 21.4% YoY. The 1H15
results were generally in line. (2) 2Q15 profit margin improved further. (3) Sales
performance remained to be an important indicator. (4) The additional share issuance
could favor the companys long-term development but pose a dilutive effect in the short
term. (5) Maintain Neutral. Overall, the 1H15 results of Great Wall Motor were solid and
in line with consensus. We expect FY15/16/17E EPS to reach RMB3.33/3.90/4.36. Looking
ahead, we believe H8 and H6 sales are important indicators. Given the intensified
competition in the SUV industry, the companys new and old product sales were weak.
We maintain Neutral on the counter. Given the potential impact of the non-public
additional share issuance on the future EPS and intensified industry competition, we cut
our TP to HK$31.5, equivalent to FY15E 7.5x PE.

Download our reports from Bloomberg: BOCMenter

Morning Express

28 July 2015

Market Review
Hong Kong stocks plummeted on Monday, with the Hang Seng Index losing 776 points, or
3.1%, to finish at 24,351. HKEx (388.HK) slumped 4.9%. Brokers fell, CITIC Securities
(6030.HK) fell 9.1%. Haitong Securities (6837.HK) dropped 10.7%. Insurers retreated.
China Life (2628.HK) was down 5.5%. Ping An (2318.HK) dropped 2.2%. Mainland
developers declined. CR Land (1109.HK) fell 5%. COLI (688.HK) dropped 4.5%. Auto names
declined. Great Wall Motor (2333.HK) dropped 5.7%. BYD (1211.HK) slumped 7.2%.
US and European stocks finished lower. The DJIA fell 127.94 points, or 0.7%, to 17,440.59.
The S&P 500 dropped 12 points, or 0.6%, to 2,067.64. Stoxx Europe 600 dropped 2.2% to
385.91.

News Reaction
China sees around 4% export growth in 2015, SICC says. The State Information Center of
China (SICC) said it expected exports to reverse the negative growth trend and show
about 6.2% growth in 2H15, while the imports may fall by about 4.5%. The full-year
exports may rise by about 4% while imports may fall by about 10.5%.
Industrial profit remains stable; cumulative fall narrows further, NBS says. The
industrial and corporate financial data of the National Bureau of Statistics (NBS) showed
that the total profit of industrial enterprises above the designated size dipped 0.7% YoY
in 1H15, down 0.1 ppt from that of 5M15. In particular, the total profit slipped 0.3% YoY
in June, compared with the 0.6% YoY growth in May. Dr. He Ping, head of the NBS
Industry Division, believed that the fall in industrial profit in June was mainly affected by
three factors.
1H15 power consumption of manufacturing sector up 0.1% YoY, NEA says. According to
media reports, Liu Qi, deputy director of the National Energy Administration (NEA), said
the power consumption in 1H15 was driven by the high-end equipment manufacturing
and light manufacturing sector. The power consumption of manufacturing sector grew
0.1% YoY in 1H15, up 0.2 ppt YoY from 5M15. In particular, the power consumption of
manufacturing sector increased by 0.7% YoY in June, up 0.5 ppt from the previous month.
SSE and SZSE balance of margin trading & securities lending drops to RMB1.45tn last Fri.
Shanghai Composite Index closed down 1.3% last Friday. On the same day, the balance of
margin trading and securities lending in both Shanghai and Shenzhen bourses reduced
RMB930m to approximately RMB1.45tn.
Huawei to lay fiber-optic cables in Guinea, Africa involving US$240m. According to
media reports, Huawei will lay 4,000km of fiber-optic cables in Guinea, Africa over the
next two years to provide high-speed Internet services. According to the Guinean
government statement, the project will cost US$238m and will be completed by 2017. By
then, Guinea will become the first country in West Africa to benefit from such a wide
cable coverage.

Download our reports from Bloomberg: BOCMenter

Morning Express

28 July 2015

Economic releases for this week - USA

Date Time
27-Jul
28-Jul
29-Jul
30-Jul
Source: Bloomberg

Event
Durable goods order
Consumer Confidence
MBA mortgage applications
Initial jobless claims (k)

Economic releases for this week - China

Survey
3.0%
100.0
-

Prior
-2.2%
101.4
0.1%
225.0

Date Time
-

Event
-

Survey
-

Prior
-

Source: Bloomberg

BOCOM Research Latest Reports

Data
27 Jul 2015
27 Jul 2015
24 Jul 2015
24 Jul 2015
24 Jul 2015
23 Jul 2015
23 Jul 2015
22 Jul 2015
22 Jul 2015
21 Jul 2015
21 Jul 2015
21 Jul 2015
20 Jul 2015
17 Jul 2015
17 Jul 2015
17 Jul 2015
16 Jul 2015
16 Jul 2015
15 Jul 2015
15 Jul 2015
14 Jul 2015

Report
Guangshen Railway (525.HK) - 1H2015 operating data - freight performance worsened, passenger operation
lackluster
GOME (493.HK) - Acquisition of stores from major shareholder improves efficiency; TP pared; Buy
maintained
Biostime (1112 HK) Prolonged price competition; Downgrade to SELL
Daphne (210.HK) - Another year of profit warning; escalating pressure on destocking/store closure serves as
a major downside risk
Transportation Sector - Weekly transportation news wrap
Financial Sector - Banking Sector - Clean politics: The biggest positive driver for the banking sector and the
market
China Property Sector - Market volatility does not alter property uptrend
D&G Technology Holding Company (1301.HK) - Initiate at BUY; Good catalysts from national strategies
Sa Sa (178.HK) - Pressured 1Q; softening outlook sustained
Far East Consortium (35.HK) - Big step of transformation
Container Shipping Sector - Weekly container shipping commentary
Sohu (SOHU.US) - 2Q15 preview: Sogou became profitable; video continues to incur losses
Vinda (3331 HK) - Outperformance continues; raise TP to HK$20.00
China Property Sector - Painful cost for late comers
Transportation Sector - Weekly transportation news wrap
Phoenix Healthcare Group (1515.HK) - Well positioned for China's public hospital industry
Parkson (3368.HK) - Acquisition of Parkson Retail Asia expands foothold in SE Asia; Lower TP and maintain
Neutral
Luk Fook Holdings (590.HK) - Recovery further pushed back
Consumer Discretionary Sector Better Jun sales, but more pressure on discretionary sales
Beijing Enterprises Water Group (371.HK) Strong project acquisition pipeline YTD
Container Shipping Sector - Weekly container shipping commentary

Source: Company data, BOCOM International

Download our reports from Bloomberg: BOCMenter

Analyst
Geoffrey Cheng, CFA
Anita Chu
Summer Wang
Phoebe Wong, CPA
Geoffrey Cheng, CFA, Fay Zhou
Yang Qingli
Philip Tse, CFA FRM, Alfred Lau, CFA, FRM
Fay Zhou, Geoffrey Cheng, CFA
Phoebe Wong, CPA
Alfred Lau, CFA, FRM
Geoffrey Cheng, CFA
Ma Yuan (Martina), Ph.D, Gu Xinyu (Connie), CPA
Summer Wang
Philip Tse, CFA, FRM, Alfred Lau, CFA, FRM
Geoffrey Cheng, CFA, Fay Zhou
David Li
Anita Chu
Phoebe Wong, CPA
Phoebe Wong, CPA
Wallace Cheng
Geoffrey Cheng, CFA

Morning Express

28 July 2015

Hang Seng Index Constituents

Company
name
CKH HOLDINGS
CLP HOLDINGS
HONG KG CHINA GS
WHARF HLDG
HSBC HLDGS PLC
POWER ASSETS
HANG SENG BANK
HENDERSON LAND D
HUTCHISON
SHK PPT
NEW WORLD DEV
SWIRE PACIFIC-A
BANK EAST ASIA
GALAXY ENTERTAIN
MTR CORP
SINO LAND
HANG LUNG PPT
KUNLUN ENERGY
CHINA MER HOLD
WANT WANT CHINA
CITIC
CHINA RES ENTERP
CATHAY PAC AIR
TINGYI
SINOPEC CORP-H
HKEX
LI & FUNG LTD
CHINA OVERSEAS
TENCENT
CHINA UNICOM
LINK REIT
CHINA RES POWER
PETROCHINA-H
CNOOC
CCB-H
CHINA MOBILE
LENOVO GROUP
HENGAN INTL
CHINA SHENHUA-H
CHINA RES LAND
COSCO PAC LTD
AIA
ICBC-H
BELLE INTL
SANDS CHINA LTD
PING AN-H
BOC HONG KONG HO
CHINA LIFE-H
BANKCOMM-H
BANK OF CHINA-H
Hang Seng Index

BBG
code
1 HK
2 HK
3 HK
4 HK
5 HK
6 HK
11 HK
12 HK
13 HK
16 HK
17 HK
19 HK
23 HK
27 HK
66 HK
83 HK
101 HK
135 HK
144 HK
151 HK
267 HK
291 HK
293 HK
322 HK
386 HK
388 HK
494 HK
688 HK
700 HK
762 HK
823 HK
836 HK
857 HK
883 HK
939 HK
941 HK
992 HK
1044 HK
1088 HK
1109 HK
1199 HK
1299 HK
1398 HK
1880 HK
1928 HK
2318 HK
2388 HK
2628 HK
3328 HK
3988 HK

Share
price
(HK$)
111.30
65.10
15.68
50.05
67.75
70.05
154.30
51.55
N/A
119.70
9.19
98.45
31.35
33.65
34.45
11.94
21.90
6.79
27.45
8.00
13.52
23.80
19.00
14.94
5.79
209.20
5.93
25.25
145.60
10.56
44.85
19.26
7.47
9.37
6.28
96.70
8.72
85.50
14.52
22.00
9.76
49.05
5.44
8.09
32.55
47.15
30.85
29.05
6.93
4.29

Mkt
cap
(HK$m)
429,582
164,472
181,313
151,703
1,323,980
149,505
294,997
170,382
N/A
344,265
82,682
143,248
82,016
143,229
201,479
72,645
98,232
54,812
71,009
105,054
336,693
57,909
74,743
83,722
897,884
250,504
49,904
248,980
1,365,357
252,881
102,858
92,436
2,657,459
418,347
1,581,183
1,979,935
96,867
104,687
415,706
152,481
28,706
590,924
2,094,062
68,233
262,643
845,441
326,170
942,564
579,178
1,576,659

5d
chg
(%)
-3.22
-1.29
-1.63
-4.94
-4.31
-1.55
-0.13
-3.01
N/A
-3.70
-3.97
-1.94
-5.43
-2.89
-2.13
-3.55
-2.67
-5.83
-7.73
-4.65
-1.89
0.21
-2.86
-4.35
-5.39
-9.52
-4.20
-6.31
-6.37
-3.30
-2.29
-6.05
-6.27
-6.86
-3.68
-1.53
-7.43
-3.88
-7.16
-5.38
-3.37
-3.06
-4.06
-4.15
1.40
-1.92
-4.49
-7.04
-3.08
-3.81

Ytd
chg
(%)
48.29
-3.20
-2.88
-10.63
-8.45
-6.91
19.43
4.43
N/A
1.18
3.03
-2.52
0.32
-22.34
8.33
-4.63
0.69
-7.37
5.17
-21.72
2.27
46.55
12.43
-15.69
-7.36
21.84
-17.51
9.54
29.42
1.54
-7.62
-3.70
-13.14
-10.25
-1.41
6.85
-14.51
5.49
-36.73
7.58
-11.43
13.67
-3.89
-7.22
-14.68
19.22
18.88
-4.60
-4.28
-1.83

24,352

14,772,445

-4.1

3.2

Source: Bloomberg

Download our reports from Bloomberg: BOCMenter

52-week
Hi
Lo
(HK$)
(HK$)
125.00
71.77
69.85
61.80
17.27
15.00
63.90
48.00
84.40
64.35
82.80
64.05
161.50
123.20
59.46
42.46
119.40
85.90
137.60
106.30
11.00
8.52
109.80
90.20
35.85
29.00
66.16
29.40
40.00
29.85
14.20
11.04
26.45
19.86
13.86
6.48
37.00
23.05
11.16
7.20
16.88
11.64
26.15
14.04
20.80
13.56
23.25
13.50
8.23
5.75
311.40
162.00
10.48
5.80
34.05
19.80
171.00
104.50
16.00
9.68
53.65
42.40
24.90
17.60
11.70
7.40
15.88
9.36
7.98
5.34
118.00
84.05
14.30
8.61
107.40
74.05
24.40
14.40
29.10
15.78
12.80
9.00
58.20
39.10
7.10
4.74
12.26
7.60
58.65
25.90
62.90
28.53
33.70
23.85
41.00
21.00
8.61
5.29
5.68
3.42
28,588.5

22,529.8

PE
2014A
2015E
2016E
(X)
(X)
(X)
4.79
13.81
11.68
14.66
15.24
14.52
25.33
23.40
21.75
4.22
12.79
11.53
12.85
10.38
9.98
19.40
18.24
18.10
19.51
13.96
15.28
10.09
16.95
16.49
N/A
15.32
13.61
10.83
16.02
13.87
6.91
11.50
10.77
13.38
13.82
12.68
10.93
12.44
11.57
13.92
19.67
17.61
12.81
19.42
19.71
9.38
13.93
13.16
8.39
15.41
15.85
9.77
11.00
9.20
17.16
14.89
13.40
21.96
19.47
17.80
6.47
6.28
5.87
N/A
109.17
57.49
23.72
10.68
9.49
28.47
22.41
19.67
N/A
15.78
10.40
43.86
27.25
23.80
11.85
13.91
12.14
7.46
7.91
6.93
44.52
34.91
26.76
17.11
15.16
13.41
3.79
22.55
21.08
9.92
7.49
7.33
13.76
18.70
11.97
5.58
14.41
8.45
5.47
5.39
5.14
14.37
14.41
13.52
14.48
11.84
9.87
26.81
22.98
20.02
7.07
8.19
7.73
8.72
10.30
8.82
12.09
11.05
10.24
18.61
19.96
18.03
5.58
5.55
5.30
11.23
10.91
10.16
15.81
20.39
19.62
13.11
12.81
11.81
13.27
11.97
10.86
20.42
14.53
12.71
6.21
6.33
6.20
5.62
5.74
5.46
10.5

11.8

10.7

Yield

P/B

(%)
3.28
4.02
2.03
3.62
5.61
3.84
3.63
1.94
N/A
2.80
4.57
3.96
3.54
0.00
3.05
4.19
3.47
2.95
2.81
2.34
1.59
1.13
1.89
1.85
N/A
1.90
5.75
2.18
0.25
2.36
4.08
4.05
7.09
6.04
5.98
2.98
3.04
2.34
N/A
2.25
3.18
1.07
N/A
5.25
6.12
N/A
3.63
1.72
4.86
5.53

(X)
0.65
1.87
3.45
0.50
0.90
1.23
2.12
0.71
N/A
0.78
0.49
0.68
1.07
3.72
1.23
0.64
0.74
1.04
1.04
6.64
0.81
1.18
1.45
3.44
N/A
10.69
2.46
1.55
12.39
0.88
0.87
1.31
0.93
0.88
0.96
1.85
3.06
5.94
0.78
1.33
0.77
2.40
0.99
2.19
5.27
2.19
1.85
2.32
0.84
0.90

3.4

1.3

Morning Express

28 July 2015

China Ent Index Constituents

Company
name
TSINGTAO BREW-H
JIANGXI COPPER-H
SINOPEC CORP-H
CHINA RAIL GR-H
DONGFENG MOTOR-H
CHINA TELECOM-H
AIR CHINA LTD-H
PETROCHINA-H
HUANENG POWER-H
ANHUI CONCH-H
CHINA LONGYUAN-H
CCB-H
CITIC BANK-H
SHANDONG WEIG-H
CHINA SHENHUA-H
SINOPHARM-H
BYD CO LTD-H
ABC-H
NEW CHINA LIFE-H
PICC GROUP-H
CHINA CINDA-H
ICBC-H
CHINA COM CONS-H
CHINA COAL ENE-H
MINSHENG BANK-H
CHINA VANKE-H
GUANGZHOU AUTO-H
PING AN-H
PICC P&C-H
GREAT WALL MOT-H
WEICHAI POWER-H
GREAT WALL MOT-H
CHINA PACIFIC-H
CHINA LIFE-H
CHINA OILFIELD-H
CHINA NATL BDG-H
BANKCOMM-H
CM BANK-H
BANK OF CHINA-H
CITIC SEC-H
HAITONG SECURI-H
Hang Seng China Ent Indx

BBG
code

Share
price
(HK$)

Mkt
cap
(HK$m)

5d
chg
(%)

Ytd
chg
(%)

168 HK
358 HK
386 HK
390 HK
489 HK
728 HK
753 HK
857 HK
902 HK
914 HK
916 HK
939 HK
998 HK
1066 HK
1088 HK
1099 HK
1211 HK
1288 HK
1336 HK
1339 HK
1359 HK
1398 HK
1800 HK
1898 HK
1988 HK
2202 HK
2238 HK
2318 HK
2328 HK
2333 HK
2338 HK
2333 HK
2601 HK
2628 HK
2883 HK
3323 HK
3328 HK
3968 HK
3988 HK
6030 HK
6837 HK

42.35
10.32
5.79
6.80
8.89
4.33
8.76
7.47
9.38
24.05
8.75
6.28
5.65
5.10
14.52
30.35
32.80
3.55
35.70
3.98
3.54
5.44
10.18
3.70
8.82
18.46
6.13
47.15
15.76
27.15
10.70
27.15
33.35
29.05
9.85
5.95
6.93
20.10
4.29
21.00
13.66

59,444
53,947
897,884
340,761
76,597
350,437
203,340
2,657,459
165,986
122,308
70,318
1,581,183
414,987
22,829
415,706
83,981
127,482
1,360,596
152,298
168,847
128,349
2,094,062
261,327
110,343
383,877
196,583
113,362
845,441
233,697
114,942
53,276
114,942
290,360
942,564
92,513
32,124
579,178
522,241
1,576,659
311,971
220,792

-5.68
-6.69
-5.39
-8.23
-4.92
-2.26
0.00
-6.27
-2.49
-4.56
-4.68
-3.68
-4.07
-3.41
-7.16
-4.56
-10.26
-3.27
-7.27
-6.57
-6.84
-4.06
-5.39
-4.64
-3.50
-2.64
-5.40
-1.92
0.25
-7.65
-1.65
-7.65
-2.63
-7.04
-5.11
-6.89
-3.08
-5.19
-3.81
-10.26
-10.37

-19.49
-22.41
-7.36
6.58
-19.03
-4.63
39.71
-13.14
-10.50
-17.21
8.43
-1.41
-9.16
-18.53
-36.73
10.56
8.07
-9.44
-8.81
9.64
-6.35
-3.89
9.11
-23.87
-13.53
6.71
-13.17
19.22
4.51
-38.44
-34.56
-38.44
-15.36
-4.60
-26.82
-21.09
-4.28
3.29
-1.83
-28.08
-30.02

11,231

4,643,366

-4.61

Source: Bloomberg

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52-week
Hi
Lo
(HK$)
(HK$)

PE
2014A
2015E
2016E

Yield

P/B

(X)

(X)

(X)

(%)

(X)

42.00
9.65
5.75
3.98
8.79
3.84
4.54
7.40
8.23
22.55
7.12
5.34
4.66
4.11
14.40
22.00
18.70
3.38
26.20
3.10
3.20
4.74
5.45
3.45
6.97
13.36
5.78
28.53
11.45
26.50
9.72
26.50
26.55
21.00
9.73
5.69
5.29
13.12
3.42
16.30
11.50

23.81
9.86
N/A
11.19
4.78
15.77
22.61
13.76
9.89
9.26
19.64
5.47
5.19
16.87
7.07
21.91
146.00
5.09
13.95
10.29
8.60
5.58
9.46
251.32
5.39
10.34
9.89
13.11
12.14
8.23
6.83
8.23
21.84
20.42
5.01
4.32
6.21
7.25
5.62
13.33
13.68

21.71
13.38
15.78
10.00
4.89
13.99
10.40
18.70
7.97
10.02
15.27
5.39
5.12
15.54
8.19
18.42
33.78
5.03
9.96
8.91
6.66
5.55
8.63
N/A
5.30
8.90
8.68
12.81
10.72
6.39
9.47
6.39
15.77
14.53
11.23
5.39
6.33
6.62
5.74
10.95
8.52

19.77
11.36
10.40
8.93
4.48
12.62
9.59
11.97
8.12
9.14
13.13
5.14
4.80
13.27
7.73
15.24
27.12
4.79
8.98
8.28
5.55
5.30
7.66
156.03
4.95
7.62
7.08
11.81
10.21
5.39
8.24
5.39
14.17
12.71
9.05
4.99
6.20
5.96
5.46
9.73
8.02

N/A
2.42
N/A
1.43
2.81
2.19
0.74
7.09
5.06
3.37
0.85
5.98
N/A
1.62
N/A
1.27
0.00
6.40
0.73
0.30
3.47
N/A
2.11
0.81
2.62
3.38
3.26
N/A
2.14
3.68
1.46
3.68
1.87
1.72
6.08
3.46
4.86
4.16
5.53
N/A
2.28

2.88
0.63
N/A
1.22
0.83
0.97
1.70
0.93
1.55
1.55
1.70
0.96
0.78
1.86
0.78
2.46
2.57
0.82
1.85
1.46
1.10
0.99
1.13
0.45
1.01
1.85
0.89
2.19
2.18
1.98
1.06
1.98
2.07
2.32
0.80
0.63
0.84
1.29
0.90
1.78
1.53

-6.29 14,962.74 10,097.35

8.12

8.06

7.34

3.75

1.14

64.00
18.50
8.23
12.30
15.20
6.17
10.20
11.70
11.90
34.15
11.36
7.98
7.40
8.92
24.40
41.75
62.30
4.55
56.55
5.85
5.23
7.10
17.00
5.60
11.88
21.60
9.60
62.90
20.15
60.70
18.20
60.70
47.10
41.00
23.40
9.85
8.61
26.85
5.68
40.50
27.90

Morning Express

28 July 2015

BOCOM International
11/F, Man Yee Building, 68 Des Voeux Road, Central, Hong Kong
Main: + 852 3710 3328

Fax: + 852 3798 0133

Rating System
Company Rating

www.bocomgroup.com

Sector Rating

Buy: Expect more than 20% upside in 12 months

LT Buy: Expect more than 20% upside but longer than 12 months
Neutral: Expect low volatility
Sell: Expect more than 20% downside in 12 months

Outperform (OP): Expect more than 10% upside in 12 months

Market perform (MP): Expect low volatility
Underperform (UP): Expect more than 10% downside in 12 months

Research Team
Head of Research

@bocomgroup.com

Raymond CHENG, CFA, CPA, CA

(852) 2977 9393

@bocomgroup.com

raymond.cheng

Strategy

Economics

Hao HONG, CFA

Miaoxian LI

(852) 2977 9384

hao.hong

(852) 2977 9212

yangqingli

Fei WU

(852) 2977 9392

fei.wu

Shanshan LI, CFA

(86) 10 8800 9788 - 8058

lishanshan

Tony LIU

(852) 2977 9390

xutong.liu

Li WAN, CFA

(86) 10 8800 9788 - 8051

Wanli

Alfred LAU, CFA, FRM

(852) 2977 9235

alfred.lau

Philip TSE, CFA, FRM

(852) 2977 9220

philip.tse

Luella GUO

(852) 2977 9211

luella.guo

(86) 21 6065 3606

louis.sun

(852) 2977 9209

lizhiwu

Geoffrey CHENG, CFA

(852) 2977 9380

geoffrey.cheng

Fay ZHOU

(852) 2977 9381

fay.zhou

(86) 21 6065 3675

wei.yao

Banks/Network Financials
Qingli YANG

(86) 10 8800 9788 - 8043

miaoxian.li

Oil & Gas/ Gas Utilities

Consumer Discretionary

Property

Phoebe WONG, CPA

(852) 2977 9391

phoebe.wong

Anita CHU

(852) 2977 9205

anita.chu

Consumer Staples

Renewable Energy

Summer WANG

(852) 2977 9221

summer.wang

Shawn WU

(852) 2977 9386

shawn.wu

(852) 2977 9387

wallace.cheng

Environmental Services
Wallace CHENG

Louis SUN

Telecom & Small/ Mid-Caps

Healthcare

Zhiwu LI

Transportation & Industrial

David LI

(852) 2977 9203

David.Li

Insurance & Brokerage

Automobile

Jerry LI

(852) 2977 9389

liwenbing

Jennifer ZHANG

(852) 2977 9250

yufan.zhang

Internet
Yuan MA, PhD

(86) 10 8800 9788 - 8039

yuan.ma

Connie GU, CPA

(86) 10 8800 9788 - 8045

conniegu

Mengqi Sun

(86) 10 8800 9788 - 8048

mengqi.sun

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Wei YAO

Morning Express

28 July 2015

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